Western Midstream Partners LP (WES)

Executive Summary

Western Midstream Partners at $46.01 per unit is, in our view at T&T Capital Management, the most underappreciated mid-cap midstream MLP in U.S. equities today. The partnership operates the largest dedicated gathering and processing footprint in the Delaware Basin — approximately 1.4 million dedicated acres after the Brazos Delaware acquisition closed earlier in 2026, plus a newly integrated Aris Water Solutions produced-water platform with 1,800 thousand barrels per day of handling capacity. The franchise also operates meaningful positions in the DJ Basin and Powder River Basin.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers